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Financial Services Skills Council launched

The Financial Services Skills Council (FSSC) launched last week with the aim of increasing productivity through skills development and ensuring consumer confidence in the industry.

The financial services sector generates over 5% of UK GDP and with a turnover of more than £46bn a year. It employs well over a million people in more than 35,000 companies. But UK businesses in the sector face increasing global and national competition, a market that demands more sophisticated financial services, and the challenge of restoring and maintaining the confidence of the consumer.

"The UK financial services sector is respected the world over. But it is the people who provide the services that are vital to its success", said Chairman of the FSSC and Chief Executive of Legal & General, David Prosser. "It is essential that the industry as a whole has a well-trained and highly competent work-force better able to meet client needs in a rapidly changing market. The role of the FSSC is to lead the UK's financial services sector in meeting the productivity and skill demands that will ensure consumer confidence and the maintenance of our reputation and competitiveness as a key player in the global market."

Teresa Sayers, Chief Executive of the FSSC, said that the Skills Council would help companies to manage the proliferation of new regulations and directives in the sector, as well as meeting the need to adapt to new ways of conducting business, particularly through the use of technology. "Our aims are straightforward: better business performance and productivity through more focused training and education for all financial services companies from sole traders and small enterprises to global multi-nationals", said Sayers. "Successful employers know that lack of skills leads to loss of business, difficulties in meeting customer service and expectations, and increased operating costs. We aim to ensure the quality and value of workforce development so that people can acquire the skills they need, and to promote the idea of investing in training to meet the strategic needs of businesses."

One of a network of government-funded Skills Councils for each key industry in the UK, the FSSC is carrying out a thorough overview of all qualifications for financial services professionals with the aim of reflecting the needs of the sector in setting up a clear industry-wide, single qualifications framework.

Paul Boateng, Chief Secretary to HM Treasury, said: "The work of the Financial Services Skills Council is critical to developing and maintaining an industry that lies at the heart of every modern, dynamic economy."

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